Sunnova launches loan-to-own solar panel program

Houston-based Sunnova solar panel company is among the companies offering lease-to-own program for residential solar panels.

The residential solar company now has an expanded “EZ Own Loan” program to pay no up-front costs and to potentially fully own the rooftop solar panels after five years.

“The solar revolution is here, and we want everyone to have the chance to join in,” said Sunnova’s Chief Executive John Berger. “The EZ Own Loan helps make that possible for many homeowners by providing peace of mind and more control over their electricity.”

Sunnova’s deals involve 25-year power purchase agreements.

Sunnova and others like California-based SolarCity, which expanded into Houston last year, are pushing to finally make rooftop solar take off in the Houston area. The challenges include a lack of state incentives that would encourage solar panels, as well as the Houston area not receiving as much sun as much of the rest of Texas primarily because of the higher instances of rain and cloud cover.

Sunnova, for instance, touts easy transfer services when a home is purchased and a variety of service plan options. Sunnova works with different local sales and installation partners, depending on the city. Sunnova new operates in 15 states.